On May 13, 2025, Denver City Council approved Resolution CR25-0645 authorizing a Fourth Amendment to the Development and Loan Agreement between the City, Denver Building Housing, Ltd., and Denver Dry Preservation LLC. The amendment assigns and modifies existing UDAG‐funded loan documents and establishes a new loan secured by a deed of trust, fixing the principal amount at $3,237,815 and setting a 5% interest rate. The amendment also consents to transfer of the property at 1565 California Street to the Borrower and incorporates expanded affordability restrictions under new 2025 loan documents. It facilitates renovation of 51 existing units and development of 55 additional affordable rental units, for a total of 106 units, providing annual installment repayment commencing July 1, 2027, with possible forgiveness on the July 1, 2085 maturity date if covenants are met. The amendment authorizes Department of Housing Stability staff to execute subordination, affordability, and other documents, and confirms that all existing loan obligations transfer to Denver Dry Preservation LLC.